U.S. Treasury Secretary Janet Yellen said on January 10 that a price cap on Russian oil imposed by Western countries appeared to be achieving its goals of keeping Russian oil on the market while limiting Russia's revenues. The crude cap was imposed on December 5 by G7 countries, prohibiting Western-supplied insurance, finance, and other services for cargoes priced above $60 per barrel. Yellen said reports indicate that countries are using the price cap to drive steep bargains. Russian Urals grade crude for delivery to Europe was quoted at $52.48 on January 10, while Brent crude was trading at $80.82. To read the original story from Reuters, click here.
Yellen Says Oil Price Cap Limiting Russia's Energy Revenues So Far
An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia. (file photo)